Phil Murphy’s net worth revealed: How rich is the Governor of New Jersey?

Have you ever wondered about Phil Murphy’s net worth, considering his long tenure in business and politics? Join us as we pick apart the New Jersey Governor’s finances, controversies, and personal life in the following piece.

Who is Phil Murphy?

Phil Murphy is an American politician, diplomat, and financier currently serving as the 56th Governor of New Jersey. He has been in office since January 16, 2018, and was re-elected in 2021. Murphy is a member of the Democratic Party and previously served as the US Ambassador to Germany from 2009 to 2013 under President Obama.

Before his political career, Murphy spent 23 years at Goldman Sachs (NYSE: GS), where he held several high-level positions. He is also known for his involvement in various civic organizations and philanthropic activities.

Phil Murphy’s net worth

What’s Their Net Worth estimated Phil Murphy’s net worth at $80 million. Most of his wealth comes from his long tenure at Goldman Sachs; however, the method used to get this astonishing figure is unknown.

Disclaimer: This article presents an estimated net worth based on publicly available sources, without access to Phil Murphy’s full financial disclosures. Therefore, the figure should be viewed as an approximation. Official financial disclosures, which are not directly accessible to us, would provide a more precise financial profile.

How did Phil Murphy make his money?

As mentioned, Phil Murphy made his money primarily through his long career at Goldman Sachs, where he worked for 23 years. According to Cove Market, Murphy held various high-level positions and significantly increased his net worth during his tenure, especially during the firm’s initial public offering (IPO) in 1999.

Additionally, Phil Murphy’s political roles as the Governor of New Jersey and the US Ambassador to Germany also contributed to his financial standing. However, these are almost insignificant compared to his time at Goldman Sachs.

Phil Murphy’s assets and investments

According to Politico, Phil Murphy’s portfolio consists of a diverse set of assets and investments, including:

• Blind trusts: Murphy placed a significant portion of his investments in blind trusts to avoid conflicts of interest. These trusts are managed without his direct involvement;

• Stocks and mutual funds: His portfolio includes investments in a wide range of industries such as aviation, chemicals, pharmaceuticals, technology, financial services, entertainment, and tobacco;

• Goldman Sachs stock: As a former executive at Goldman Sachs, he holds stock in the company;

• Hedge funds and private equity: He invested significantly in hedge funds and private equity to diversify his portfolio;

• Other investments: Murphy has also invested in various mutual funds and other companies, including some that may not align with his progressive political base.

Controversies

During his tenure as Governor of New Jersey, Phil Murphy has faced several controversies. One notable issue was his signing of a bill to overhaul the state’s Open Public Records Act (OPRA), which critics argue reduces government transparency. Additionally, his administration has been accused of fostering a toxic work environment, marked by allegations of mismanagement and favoritism.

Murphy’s handling of the COVID-19 pandemic, particularly regarding nursing homes, has also been criticized, with some arguing his policies led to higher death rates. Furthermore, his tax policies, such as raising taxes on millionaires, and the state’s economic performance, including high unemployment rates, have sparked debate and criticism.

The bottom line

Phil Murphy’s net worth of around $80 million makes him one of the richest US Governors and politicians, in general. Still, there’s nothing controversial about this figure due to Murphy’s long tenure as one of the leading people in Goldman Sachs, as well as his time as US Ambassador in Germany under the Obama administration.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.